Lake Resources N.l. · ASX:LKE
Lake Resources N.l — Investor Presentation (August 2025)
37 slides from Lake Resources N.l's investor presentation, Aug 4, 2025
Slide 1: Kachi Phase One DFS Addendum Presentation
Kachi Phase One DFS Addendum Presentation August 2025
Slide 2: Disclaimers
Disclaimers General Statement and Cautionary Statement This presentation has been prepared by Lake Resources N.L. (Lake) for information purposes and not any particular party. The information in this presentation is based upon public information and internally developed data and reflects prevailing
Slide 3: Disclaimers
Disclaimers Compliance Statement The information contained in this presentation relating to financial forecasts, production targets, exploration targets, exploration results, Measured, Indicated and Inferred resource estimates, project execution, infrastructure and testing work, has been derived fro
Slide 4: Executive Summary
Executive Summary
Slide 5: DFS Addendum delivers significant project improvements
DFS Update DFS Addendum delivers significant project improvements Positive Updates Since Original DFS DFS Addendum Financial Highlights ✓ Higher brine grades – 249 mg/L Design Basis ▪ US$1,157M Capex ✓ DLE technology improvements ▪ US$5,895/t Opex ✓ New high-quality resource and reserve data ▪ US$1.
Slide 6: Key drivers of DFS Addendum Results
DFS Update Key drivers of DFS Addendum Results • Updated average lithium concentration increased from 205 mg/L (Original DFS) to >250 mg/L1 Higher Brine • DFS Addendum design basis set at 249 mg/L, enabling more efficient lithium extraction Grade • Average lithium concentration further increased to
Slide 7: Kachi Phase 1 DFS Addendum Results
Kachi Phase 1 DFS Addendum Results REDUCED • Capex now US$1,157M, representing ~US$220M improvement from Original DFS figures1 1 CAPEX • • Represents a 19% improvement from the inflation adjusted baseline1 or a 16% improvement from Original DFS Further Capex reduction achievable due to improved brin
Slide 8: Significant milestones achieved in 2025 following successful 2023 and 2024 execution
Significant milestones achieved in 2025 following successful 2023 and 2024 execution 2023 and 2024 Accomplishments 2025+ Key Objectives ✓ Successfully completed demo plant – processed 5.2 million ✓ Launched Kachi Strategic Review5 litres of brine and produced more than 1,300kg of >99.5% ✓ JORC Updat
Slide 9: 1. Improved Capex
1. Improved Capex
Slide 10: DFS Addendum Capex estimates reduced by 16% compared to Original DFS figures
1 DFS Addendum Capex estimates reduced by 16% IMPROVED CAPEX compared to Original DFS figures Capex Optimization (US$) Key Drivers of Capex Reduction (US$) $1,423M ▪ DFS Design basis improved from 205 mg/L to 249 $1,377M $46M mg/L -$266M ▪ Slight increase in Capex estimates reflects $1,157M inflatio
Slide 11: Direct Lithium Extraction technology (Gen 4) improvements
1 IMPROVED CAPEX Direct Lithium Extraction technology (Gen 4) improvements Lilac Gen 4 Ion Exchange The Kachi DFS Addendum incorporates improvements from Lilac’s Gen 4 lithium extraction Original DFS DFS Addendum technology, which was launched in June 2024. This latest generation delivers significan
Slide 12: Optimised construction schedule accelerates Kachi's commissioning by six months
1 Optimised construction schedule accelerates Kachi’s IMPROVED CAPEX commissioning by six months ▪ The Original DFS two-phase strategy was driven by uncertainties around timely grid power availability, forcing reliance on diesel and solar power to accelerate first lithium production in Phase 1A and
Slide 13: 2. Improved Opex
2. Improved Opex
Slide 14: Kachi's US$5,895/t Opex places it among the lowest-cost brine projects globally
2 Kachi’s US$5,895/t Opex places it among the lowest-cost IMPROVED OPEX brine projects globally Run-rate Operating Expense Categories Summary of operating cost estimates1 Maintenance Consumables ▪ Utilities2 is the largest contributor to Opex with Labor 4% 2% grid power expenses being the most signi
Slide 15: Achieved 28% reduction in non-utilities Opex compared to Original DFS
2 Achieved 28% reduction in non-utilities Opex compared to IMPROVED OPEX Original DFS Opex Optimization (US$/t) Key Drivers of Opex Reduction ($508) $828 Improvements $6,047 $8 ($108) ($76) ($270) ▪ DLE Technology: ~40% decrease $122 $5,895 ($236) $184 -3% ▪ G&A: ~40% decrease ($96) ▪ Consumables: ~
Slide 16: YPF-Luz power FEED provides technical solution for grid power access
2 YPF-Luz power FEED provides technical solution for grid IMPROVED OPEX power access Continuous optimization of technical and commercial power solutions up to FID Kachi Power Consumption1 Grid Power Line – Potential Lithium Projects2 82 MW 25 MW 57 MW -31% 8 MW Solar 48 MW Grid 2023 DFS Savings 2025
Slide 17: 3. Robust Financials
3. Robust Financials
Slide 18: Kachi economics to be positively impacted by Argentina's RIGI
3 Kachi economics to be positively impacted from Argentina’s ROBUST FINANCIALS new Incentive Regime for Large Investments (RIGI) RIGI Incentives Considered for Kachi Economic Analysis1 Several Recent RIGI Authorizations ▪ Argentina’s authorization of Rio Tinto’s US$2.5B 25% Corporate Income Tax fl
Slide 19: Long-term robust lithium demand projections with 10% CAGR through 2035
3 Long-term robust lithium demand projections with 10% ROBUST FINANCIALS CAGR through 2035 Lithium demand is expected to roughly double over the next five years, although the market is expected to be oversupplied over the same period However, significant demand growth is anticipated to induce market
Slide 20: Average price of ~US$20.5k/t over LOM based on BMI Q2 2025 forecasts
3 Average price of ~US$20.5k/t over LOM based on BMI Q2 ROBUST FINANCIALS 2025 forecasts for battery grade lithium carbonate Price Forecast for Battery Grade Lithium Carbonate (US$/t) ▪ Significantly more $28,000 BMI Annual Price Forecast for Battery Grade Lithium Carbonate conservative price foreca
Slide 21: Robust financial results
3 ROBUST FINANCIALS Robust financial results Targeted project financial results1 ($US) ($USD) DFS Drop in project economics compared to 2023 DFS are driven by Units Period Original DFS Addendum significantly lower forecast lithium price curve and 10% discount rate4 Lithium Carbonate Revenue $M Life
Slide 22: Sensitivity analysis shows Kachi is highly resilient to Capex and Opex variations
3 Sensitivity analysis shows Kachi is highly resilient to Capex ROBUST FINANCIALS and Opex variations Post-Tax NPV10 Sensitivities Chart (-15% / +15%; Base $1,011M) ($US) Post-Tax IRR Sensitivities Chart (-15% / +15%; Base 19.7%) ($US) Lithium Price Lithium Price 41.4% 41.1% 18.8% 17.5% ($17.40k - $
Slide 23: 4. Reduced Risk
4. Reduced Risk
Slide 24: Resource size increased 12% to 11.1 million Mt LCE
4 REDUCED Resource size increased 12% to 11.1 million Mt LCE RISK Kachi M&I Resource Estimate Resource Expansion From Increased 12% Since Nov-2023 (Mt LCE) Nov-2023 Update1 ◼ Measured & indicated resource has 11.1 10.6 increased from 7.3 to 8.2 Mt LCE — Measured resource has increased from 2.9 3.0 t
Slide 25: JORC ore reserves emphasize scalability of Kachi's production capacity
4 JORC ore reserves emphasize scalability of Kachi’s REDUCED RISK production capacity Average Lithium Reserve Category Years Lithium (Tonnes) LCE (Tonnes) Concentration (mg/L) Proved 1 4,390 23,310 270 Proved 2-7 28,360 150,850 270 Probable 8-25 85,060 452,540 267 Total 1-25 117,810 626,760 ▪ Global
Slide 26: Key permits are current with Exploitation EIA approval expected in 2025
4 Key permits are current with Exploitation EIA approval REDUCED RISK expected in 2025 Kachi has undergone a rigorous permitting process and has been optimized through multiple studies Exploitation EIA Approval Process ◼ Company Exploitation EIA submitted March 2024 ◼ The Catamarca Mining Ministry i
Slide 27: Key Takeaways
Key Takeaways
Slide 28: Key Takeaways
Key Takeaways Largest Independent Development Project Across the Lithium Triangle with 1 Total Resource of 11.1 Mt LCE Phase One Definitive Feasibility Study Addendum Completed for World Class 2 25 ktpa Battery Grade Lithium Carbonate Project with Potential For Expansion 3 Proven Ion-Exchange DLE Te
Slide 29: Priorities: Liquidity, Costs and Execution
Priorities: Liquidity, Costs and Execution ▪ Lake held cash of AUS$12.37M (US$8.04M) at 30 June 2025 (including currencies in AUD, USD and Argentine Pesos) with no debt ▪ AUS$14.47M pro-forma liquidity at 30 June 2025 including AUS$2.1M in funds received from issuing 65,000,000 fully paid ordinary L
Slide 30: Lake Resources Leadership Team
Lake Resources Leadership Team Board of Directors Experienced, well- credentialed and highly motivated leadership team ready to deliver on Lake’s new strategy and accelerate the Company’s next growth phase Stu Crow Robert Trzebski David Dickson Non-Executive Chairman Managing Director / CEO Non-Exec
Slide 31: Appendix
Appendix
Slide 32: Definitions and Abbreviations
Definitions and Abbreviations Term / Abbreviation Definition Term / Abbreviation Definition A$ Australian Dollars Lilac Solutions Lilac Solutions Inc. B Billions LOM Life of Mine BG Battery Grade lps Liters Per Second Capex Capital Expenditures m Meters DFS Definitive Feasibility Study M Millions DL
Slide 33: Mineral Resource Estimate Table
Mineral Resource Estimate Table Measured May 2025 (to 600 m depth) Inferred May 2025 Sediment Specific Brine Li Li Li Tonnes Sediment Specific Brine Li Li Li Tonnes 3 3 3 3 Unit Volume (m ) Yield % Volume (m ) Liters (mg/l) (Grams) (Tonnes) LCE Unit Volume (m ) Yield % Volume (m ) Liters (mg/l) (Gra
Slide 34: Reserve Statement
Reserve Statement Reserve Statement Lithium LCE Average Lithium Reserve Category Years (Tonnes) (Tonnes) (mg/L) Proved 1 4,390 23,310 270 Proved 2–7 28,360 150,850 270 Probable 8 – 25 85,060 452,540 267 Total 1 – 25 117,810 626,760 Note: This table has been directly extracted from the Updated Ore Re
Slide 35: WACC Rate – Peer Comparison
WACC Rate – Peer Comparison Project Discount Rate Deposit Type Country Source https://www.kitco.com/news/2022-10-07/Lithium-producer-alkem-IFC- Allkem 10% Brine Evaporation Argentina agree-on-200M-project-financing-for-Sal-de-Vida.html Lithium Power 10% Brine Evaporation Chile https://www.edisongrou
Slide 36: Resource Classification Concept
Resource Classification Concept ◼ Resource – what is in the ground? − Inferred − Indicated − Measured ◼ Reserve – what can we extract? − Probable − Proven Source: Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves The JORC Code, 2012 Edition. Prepared by the J
Slide 37: Non-GAAP Financial Measures
Non-GAAP Financial Measures 37
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